Substitution of new section for section 115JC.

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..... a company. 115JC. (1) Notwithstanding anything contained in this Act, where the regular income-tax payable for a previous year by a person, other than a company, is less than the alternate minimum tax payable for such previous year, the adjusted total income shall be deemed to be the total income of that person for such previous year and he shall be liable to pay income-tax on such to .....

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..... f return of income under sub-section (1) of section 139. . - Clause 48 of the Bill seeks to substitute section 115JC of the Income-tax Act relating to special provisions for payment of tax by certain limited liability partnerships. The existing provisions of the aforesaid section 115JC provide that where the regular income-tax payable for a previous year by any limited liability partnership .....

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..... ax payable for such previous year, the adjusted total income shall be deemed to be the total income of such person and he shall be liable to pay income-tax on such total income at the rate of eighteen and one-half per cent. For the purpose of the aforesaid provision, the adjusted total income shall be the total income before giving effect to the Chapter XII-BA as increased by deductions claimed .....

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